However, Salguero adds that this is just one of a number of options the Dolphins are currently weighing in regards to Wallace.

According to Salguero, Miami has discussed a pay cut restructure for Wallace, cutting him outright, and also the possibility of keeping him and his current salary.

Of the four options, Salguero doubts that Wallace would accept a pay cut and has spoken to sources that have said Wallace’s camp is confident that there would be a solid market if the Dolphins cut him. The belief is that Wallace would be able to choose his team and get money upfront.

If Miami were to go the route of releasing Wallace, they would almost certainly do it by March 10, when $3 million of his scheduled $9.85 million salary becomes guarantee. Salguero adds that they would likely designate him as a post-June 1 release, seeing as they would get much more cap space than if they were to release him outright.

In regards to a potential trade, Salguero considers this an unlikely option given that most teams would likely shy away from taking on Wallace’s “toxic” contract.

In the end, Salguero doesn’t see Wallace being back with the Dolphins in 2015, as going to these lengths would likely create even more issues if they elected to bring him back.

Wallace, 28, signed a five-year, $60 million contract that included $30 million guaranteed with Miami back in 2013, so it clearly disappointing that this is something being talked about just a few years into this agreement.

According to OverTheCap.com, releasing Wallace outright would free up $2.5 million in cap space next year, but would also create $9.6 million in dead money.

A June 1 release improves the Dolphins’ cap savings to $6.9 million and $5.2 million dead money.

However, trading Wallace would boost their cap saving to $5.5 million and reduce the dead money to $6.6 million, according to OTC’s cap calculator.

This season, Wallace caught 67 passses for 862 yards receiving and 10 touchdowns over the course of 16 games. Pro Football Focus has him rated as the N0. 53 receiver out of 110 qualifying players.